-- House bill: Deduction can include up to $10,000 for individuals or $20,000 for couples filing joint return.

-- Senate bill: No deduction for consumer interest; interest on a loan for investment could be deducted only to extent it does not exceed income from investments.

STANDARD DEDUCTIONS

-- Current: $2,480 for singles and $3,670 for couples.

-- House bill: $2,950 and $4,800.

-- Senate bill: $3,000 and $5,000.

STATE AND LOCAL TAXES

-- Current: Fully deductible.

-- House bill: Fully deductible.

-- Senate bill: State and local income and real and personal property taxes fully deductible; sales tax deductions severely restricted.

EXEMPTIONS

-- Current: $1,080 for self, spouse and each dependent.

-- House bill: $2,000 per person for non-itemizing taxpayers; $1,500 per person for those who itemize.

-- Senate bill: $2,000 for all but couples with income above $185,320 or single people above $127,240 who would get no exemption.

IRAs

-- Current: $2,000 per working taxpayer; $250 non-working spouse.

-- House bill: $2,000 per working taxpayer; $250 non-working spouse.

-- Senate bill: $2,000 per working taxpayer ($250 non-working spouse) only for workers not eligible for a company pension. Workers eligible for a company plan could contribute $2,000 a year to an IRA but that deposit would not be deductible. In any case, interest earned on the contribution would be tax exempt until withdrawn.